Revolutionizing Fintech Innovation in India: The International Institute of Information Technology, Bengaluru (IIIT-B IC) and the Central Bank Innovation Hub (RBIH) are pleased to announce the signing of a Memorandum of Understanding (MoU) to foster innovation and growth in the Fintech sector. This collaboration aims to create a unified and robust ecosystem that accelerates the growth of financial technology through innovation, research and support for startups.
The MoU signing took place at the RBIH office in Bengaluru, where the leaders of both the organisations, Dr Lakshmi Jagannathan, CEO, IIIT-B IC and Mr. Aakarsh Naidu, Head of Fintech and Startups, RBIH, came together to mark this milestone moment. The MoU formalizes the partnership between IIIT-B IC and RBIH, combining their strengths to create a robust ecosystem for Fintech development. This agreement represents a shared commitment to enhance the Fintech landscape, provide valuable resources and foster a culture of innovation.
Prof. Debabrata Das, Director IIIT Bangalore highlighted the importance of this MoU and felt that with RBI’s financial domain expertise coupled with IIIT-B’s deeptech expertise, fintech as well, this initiative will be a clear differentiator.
Dr. Lakshmi Jagannathan, CEO of IIIT-B-ICstressed that this is a unique opportunity to strengthen the Fintech innovation and startup ecosystem and that IIITBIC wants to take the lead.
Mr. Rajesh BansalCEO of Reserve Bank Innovation Hub (RBIH) said “By leveraging IIIT-B and RBIH’s expertise in technology, innovation and research, we are taking a step forward towards creating a future-ready fintech ecosystem. This partnership is a testament to our shared commitment to delivering effective fintech solutions that meet the evolving needs of India’s diverse population and strengthen financial inclusion across the country.”
About IIIT-B and IIIT-B IC
The International Institute of Information Technology, Bangalore (IIIT-B), recognized for its excellence in academia, innovation and societal contributions, has long been a leader in promoting technological advancements. Through its independent Section 8 company, IIIT-B IC Innovation Centre (IIIT-B IC IC), the institute has been spearheading innovation and entrepreneurship for nearly two decades. With a specialization in the fintech sector, IIIT-B IC IC provides a stimulating ecosystem for startups, supporting cutting-edge research and technology development. The centre continues to play a pivotal role in driving breakthrough innovations that address critical challenges across sectors.
About RBIH
RBIH is a wholly owned subsidiary of the Reserve Bank of India, established to promote and facilitate an environment that accelerates innovation in the financial sector. RBIH aims to encourage and evangelize innovation across the financial sector to enable “frictionless financing for a billion Indians”. To achieve this, RBIH strives to foster synergy between technology companies, banks, non-banking financial companies, fintech, academia and investors across three pillars of intervention – product innovation, process innovation and policy innovation, spearheaded by technology.